Butterfly Network (NYSE:BFLY) Insider Steve Cashman Sells 140,112 Shares of Stock

Butterfly Network, Inc. (NYSE:BFLY) insider Steve Cashman sold 140,112 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $7.30, for a total transaction of $1,022,817.60. Following the transaction, the insider directly owned 1,490,295 shares in the company, valued at $10,879,153.50. The trade was a 8.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Butterfly Network Stock Down 0.5%

BFLY stock opened at $7.49 on Thursday. The company has a 50 day moving average of $8.01 and a two-hundred day moving average of $5.94. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -25.81 and a beta of 2.08. Butterfly Network, Inc. has a 12-month low of $1.47 and a 12-month high of $10.05.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative net margin of 66.74% and a negative return on equity of 33.99%. On average, research analysts anticipate that Butterfly Network, Inc. will post -0.18 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Butterfly Network presently has a consensus rating of “Hold” and a consensus target price of $5.56.

Institutional Investors Weigh In On Butterfly Network

Several institutional investors and hedge funds have recently added to or reduced their stakes in BFLY. AWM Investment Company Inc. raised its position in shares of Butterfly Network by 750.0% in the fourth quarter. AWM Investment Company Inc. now owns 3,400,000 shares of the company’s stock valued at $12,920,000 after purchasing an additional 3,000,000 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Butterfly Network by 18,362.3% during the 2nd quarter. California State Teachers Retirement System now owns 1,957,928 shares of the company’s stock worth $16,486,000 after buying an additional 1,947,323 shares during the period. Bank of America Corp DE boosted its holdings in shares of Butterfly Network by 71.0% during the 1st quarter. Bank of America Corp DE now owns 4,165,222 shares of the company’s stock worth $16,827,000 after buying an additional 1,728,938 shares during the period. First Light Asset Management LLC grew its stake in Butterfly Network by 149.3% in the 4th quarter. First Light Asset Management LLC now owns 2,812,131 shares of the company’s stock valued at $10,686,000 after buying an additional 1,684,133 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in Butterfly Network in the 2nd quarter valued at $2,183,000. 37.85% of the stock is currently owned by institutional investors and hedge funds.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.